Market retests peso on easing US-North Korea tension
The Philippine Stock Exchange index (PSEi) once again returned to the 8,000 level, but whether or not this would be sustained remains to be seen. File
MANILA, Philippines - Share prices recovered yesterday from last week’s slump, ramping up the initial recovery on Monday on the back of easing geopolitical tensions between the US and North Korea.
The Philippine Stock Exchange index (PSEi) once again returned to the 8,000 level, but whether or not this would be sustained remains to be seen.
Again, it may be too early to pop the champagne bottles, traders said.
The PSEi settled at 8,009.41, up 47.29 points or 0.59 percent while the broader All-Shares gauge gained 23.69 points or 0.50 percent.
The rest of the counters, meanwhile, all closed in the green except for the mining and oil index.
The industrial index and the holding firms, were the highest gainers, gaining 1.20 percent and 0.53 percent, respectively.
Total value turnover reached P4.79 billion. Market breadth was positive, 121 to 82 in favor of advancing stocks while 44 issues were left unchanged.
Astro del Castillo, managing director of First Grade Finance Inc. said the market optimism was due to easing tensions. “Basically, easing tensions in the geopolitical landscape encouraged more buying in the market,” he said.
But Del Castillo said the low value turnover shows that this may just be fleeting.
“However, given the low value turnover, this could be temporary,” he said. Investors may find more reasons to park their funds in the market after the release of the country’s second quarter economic performance tomorrow, according to Del Castillo.
- Latest
- Trending
